Cablevisión Holding Announces its Full Year and Last Quarter 2021 Results
Cablevisión Holding S.A. (BCBA:CVH; LSE:CVH), the controlling shareholder of Telecom Argentina S.A. (NYSE:TEO), reported its 2021 financial results showing a 6.5% decline in total revenues to Ps. 425,493 million compared to 2020. The decrease is attributed mainly to lower earnings from fixed telephony, mobile, cable TV, and internet services, with inflation rising 50.9% over the same period. EBITDA fell 14.5% to Ps. 132,482 million, resulting in a lower EBITDA margin of 31.1%. Consolidated net income was Ps. 10,252 million, showing a significant improvement from a loss in the previous year.
- Consolidated net income improved to Ps. 10,252 million from a loss of 8,866 million in 2020.
- Lower total costs of Ps. 293,011 million, down 2.4% in constant currency.
- Total revenues decreased by 6.5% in real terms compared to 2020.
- EBITDA decreased by 14.5%, leading to a reduced EBITDA margin of 31.1% from 34.0%.
BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 10, 2022 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - (BCBA:CVH); (LSE:CVH);(Level 1: CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO), (BCBA:TECO2), announced today its Full Year and Last Quarter 2021 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of December 31, 2021, unless otherwise indicated.
The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").
CVH Highlights (2021 vs. 2020):
- Total Revenues reached Ps. 425,493 million, a decrease of
6.5% in real terms as of 2021, compared to the same period of 2020, mainly driven by lower revenues from fixed telephony, mobile, cable TV and internet, which was partially offset by higher revenues from equipment sales, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (50.9% interannually as of December 2021). - Total Costs (Excluding Depreciation and Amortization) reached Ps. 293,011 million, a decrease of
2.4% in constant currency, mainly driven by lower bad debt expenses, taxes and fees with the Regulatory Authority, interconnection and transmission costs, commissions and advertising costs and programming and content costs; partially offset by higher costs of equipment and handset and higher employee benefits expenses and severance payments. - EBITDA reached Ps. 132,482 million as of 2021, a decrease of
14.5% in real terms compared to 2020, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of31.1% in 2021, compared to34.0% in 2020. - Consolidated Net Income amounted Ps. 10,252 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 3,698 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of December 31, 2021) | 2021 | 2020 | % Ch. | 4Q21 | 3Q21 | 4Q20 | QoQ | YoY | |||||||||||||||||
Total Revenues | 425,493 | 455,234 | (6.5 | %) | 102,596 | 106,082 | 105,343 | (3.3 | %) | (2.6 | %) | ||||||||||||||
EBITDA (1) | 132,482 | 154,930 | (14.5 | %) | 27,600 | 31,277 | 30,170 | (11.8 | %) | (8.5 | %) | ||||||||||||||
EBITDA Margin (2) | 31.1 | % | 34.0 | % | (8.5 | %) | 26.9 | % | 29.5 | % | 28.6 | % | (8.8 | %) | (6.1 | %) | |||||||||
Net income | 10,252 | (8,866 | ) | (215.6 | %) | 8,718 | 3,802 | (7,010 | ) | 129.3 | % | (224.4 | %) | ||||||||||||
Attributable to: | |||||||||||||||||||||||||
Equity Shareholders | 3,698 | (4,545 | ) | (181.4 | %) | 3,137 | 1,753 | (3,698 | ) | 78.9 | % | (184.8 | %) | ||||||||||||
Non-Controlling Interests | 6,554 | (4,321 | ) | (251.7 | %) | 5,581 | 2,049 | (3,312 | ) | 172.4 | % | (268.5 | %) | ||||||||||||
(1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.
(2) EBITDA Margin is defined as EBITDA over Total Revenues.
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA:CVH) (LSE:CVH)
cordially invites you to participate in its Webcast Presentation
to discuss Full Year and Last Quarter 2021Results
Date: Monday, March 14, 2022
Time: 12:00pm Buenos Aires Time/11:00am New York Time/3:00pm London
The 2021 and 4Q21 results will be presented via webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy220314dQp6NdiX.html
The webcast presentation will also be available at: https://www.cablevisionholding.com/Investors
ABOUT THE COMPANY
CVH was founded as corporate spin-off from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on Argentina and the region. CVH's subsidiaries specialize in the provision of cable TV, broadband and mobile communications services; and their brands are well known in the telecommunications and content distribution industries.
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of CVH. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. CVH does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in CVH's projections or forward-looking statements, including, among others, general economic conditions, CVH's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to CVH and its operations.
Investor Relations Contacts:
In Buenos Aires:
Cablevisión Holding S.A.
Samantha Olivieri, Head of Investor Relations
Valentina Lopez, Sr. Analyst
Email: ir@cvh.com.ar
Tel: (+54 11) 4309 - 3417
www.cvh.com.ar
In New York:
Fig Corporate Communications
Camilla Ferreira and Marcella Ewerton Dragone
Email: fig@fig.ooo
Tel: +1 917 691-4047
SOURCE: Cablevision Holding S.A.
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